🚨 Major Crypto Update! Here’s What Everyone’s Talking About!

News

📢 MicroStrategy Failed To Purchase Bitcoin Last Week, MSTR Stock Rebounds

MicroStrategy Did Not Make Any Bitcoin Purchase Last Week

In an SEC filing, MicroStrategy revealed that it made no Bitcoin purchases between February 24 and March 2 last week. The company also revealed that it did not sell any shares of class A common stock under its at-the-market equity offering program.

It is worth mentioning that Strategy acquired 20,356 BTC for $1.99B at $97,514 per BTC two weeks ago. This came following a $2B zero-coupon convertible notes offering, in which it was able to raise the funds for this BTC purchase.

Meanwhile, following its failure to buy any Bitcoin last week, MicroStrategy still holds 499,096 BTC, which it acquired for $33.1 billion at an average price of $66,357 per BTC. Strategy remains the public company with the largest Bitcoin holdings, well ahead of MARA holdings, which is second on the list.

The company’s failure to buy any BTC last week is also notable considering that the Bitcoin price dropped below $80,000 last week following a major crypto crash. As such, the company didn’t take advantage of a major dip which could have lowered its average cost price.

🏛 US SEC Agrees To Drop Kraken Lawsuit With Prejudice

US SEC Agrees To Drop Kraken Lawsuit With Prejudice

The US SEC has agreed in principle to dismiss the Kraken lawsuit with prejudice, meaning that the Commission won’t be able to refile the case again. The crypto exchange made this revelation in a press release, noting that the SEC will dismiss this case with no admission of wrongdoing, no penalties paid, and no changes to its business.

The top crypto exchange stated that the SEC’s decision to drop the lawsuit is more than just a legal victory but also a turning point for the future of crypto in the US. The company added that the dismissal of the Kraken lawsuit also ends a wasteful, politically motivated campaign, lifts uncertainty that stifled innovation and investment, and clears the path towards a stable, forward-thinking regulatory regime.

The exchange also appreciated the new leadership at the White House and the Commission, which led to this change. Kraken claimed that their “bold and thoughtful” leadership will lead to a new era of crypto innovation.

This latest development continues the SEC’s hot streak of dropping crypto lawsuits and investigations. Last week, the Commission notably dropped cases against Gemini, Consensys, Robinhood, and Uniswap. The court also ordered that the Coinbase lawsuit was dismissed with prejudice following an agreement between the agency and the crypto exchange.